How To Hub

28 November 2021

How to… Maximise borrowing using latest year’s accounts only

Here are 3 top tips on how you can help us to speed up your self-employed applications whilst evidencing income for maximum borrowing.

How to… Key the DIP using latest year’s accounts only

Here are 3 top tips on how you can help us to speed up your self-employed applications whilst evidencing income required.

To use latest year’s income for affordability, rather than us averaging the last 2 years:                                           

  1. When keying the DIP please only complete the “Latest Year” income boxes. Please leave the “Previous Year” box BLANK (if you put a zero in this box, the system will automatically average).
  1. Add a note to the case detailing the last 2 years figures and what the projection figure will be too. Give reasons behind any large increases in the profits.
  1. We will often ask for a projection from the accountant so please do have that ready to upload under the “Proof of income” requirement, along with the last 2 years accounts/Tax year overview and Tax Calculations

There is a Covering Letter and an Accountant Reference Form on our website which you can send to the accountant to speed things up:

  1. https://www.foundationforintermediaries.co.uk/media/1361/accoutants-certification-letterpdf.pdf  
  2. https://www.foundationforintermediaries.co.uk/media/1362/accoutants-certificationpdf.pdf

If the applicants do not have accountants, the latest 3 months business statements supporting income on the tax calculator could be considered.

Using latest year’s figures is strictly at underwriters’ discretion, however these 3 simple steps can really help you and your client achieve the maximum borrowing, and also speed up the time it takes for us to offer your case.

Start a DIP now

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